WEBVTT 00:00:00.000 --> 00:00:03.140 OK, let's unpack this. We are diving into a commodity 00:00:03.140 --> 00:00:06.259 that. Well, it's been the subject of some really 00:00:06.259 --> 00:00:09.320 eye watering, almost unbelievable price forecasts 00:00:09.320 --> 00:00:13.679 for decades. Silver has sort of played the quiet 00:00:13.679 --> 00:00:17.059 overlooked cousin to gold, but recently it has 00:00:17.059 --> 00:00:19.679 gone completely parabolic. It really has, and 00:00:19.679 --> 00:00:22.620 it's generating these price targets that are 00:00:22.620 --> 00:00:26.960 so extreme. They sound less like market analysis 00:00:26.960 --> 00:00:29.539 and more like. I don't know, financial science 00:00:29.539 --> 00:00:31.539 fiction. It's certainly impossible to ignore 00:00:31.539 --> 00:00:35.359 now. The volatility we've seen is, it's historic. 00:00:35.520 --> 00:00:39.179 Yeah. ground that with some hard numbers. As 00:00:39.179 --> 00:00:42.659 of January 14th, 2026, silver prices have spiked 00:00:42.659 --> 00:00:46.320 to around $90 per ounce. And crucially, that 00:00:46.320 --> 00:00:49.439 came after an absolutely massive 148 % surge 00:00:49.439 --> 00:00:52.679 through all of 2025, which puts silver firmly 00:00:52.679 --> 00:00:54.439 at the top of the commodity charts. I mean, it 00:00:54.439 --> 00:00:56.979 dwarfed gold's respectable, but much smaller 00:00:56.979 --> 00:01:00.979 60 % gain. 148 % gain in a year is just astounding. 00:01:01.100 --> 00:01:03.520 Suddenly this, you know, boring metal is everywhere. 00:01:03.539 --> 00:01:06.540 So our mission today is to die deep into this. 00:01:06.349 --> 00:01:09.670 specific quantitative models that are forecasting 00:01:09.670 --> 00:01:13.090 silver could climb potentially all the way to 00:01:13.090 --> 00:01:16.609 $300 an ounce. 300. Yeah. We need to understand 00:01:16.609 --> 00:01:19.810 the structural imbalances, the surprising history 00:01:19.810 --> 00:01:22.810 of these ratios, and the intense demand driving 00:01:22.810 --> 00:01:26.329 this really extraordinary prediction. And we 00:01:26.329 --> 00:01:28.590 are looking at the foundational data here, the 00:01:28.590 --> 00:01:32.329 hard mechanics of the market. But given the extreme 00:01:32.329 --> 00:01:34.129 nature of these numbers, we have to start with 00:01:34.129 --> 00:01:36.069 a disclaimer. Of course. We are dealing with 00:01:36.069 --> 00:01:38.530 extreme volatility. This deep dive is purely 00:01:38.530 --> 00:01:41.329 factual market data and historical analysis for 00:01:41.329 --> 00:01:43.890 educational purposes only. Right. Precious metals 00:01:43.890 --> 00:01:46.730 prices are highly volatile. And this is absolutely 00:01:46.730 --> 00:01:49.629 not financial advice. You have to consult qualified 00:01:49.629 --> 00:01:52.109 financial professionals. Duly noted. Yeah. But 00:01:52.109 --> 00:01:53.870 let's get to the core of it. Because when I see 00:01:53.870 --> 00:01:57.010 a headline like $300 silver, my first question 00:01:57.010 --> 00:02:00.299 is, you know, is this just clickbait? or is there 00:02:00.299 --> 00:02:03.019 real substance there? Where do we even start 00:02:03.019 --> 00:02:04.840 with a number that high? We have to start with 00:02:04.840 --> 00:02:07.780 a mathematical basis, and that begins with the 00:02:07.780 --> 00:02:09.819 historical relationship between the two metals, 00:02:10.360 --> 00:02:13.000 the gold -silver ratio or the GSR. Okay, for 00:02:13.000 --> 00:02:15.400 anyone unfamiliar, the GSR just measures how 00:02:15.400 --> 00:02:17.719 many ounces of silver you need to buy one ounce 00:02:17.719 --> 00:02:20.879 of gold. So where's that sitting right now? Right 00:02:20.879 --> 00:02:24.639 now the ratio is near 50 to 1 51 so 50 ounces 00:02:24.639 --> 00:02:27.039 of silver to buy one ounce of gold now the model 00:02:27.039 --> 00:02:31.699 -based forecast for $300 silver it absolutely 00:02:31.699 --> 00:02:35.430 hinges on that ratio normalizing Dramatically. 00:02:35.610 --> 00:02:37.569 Formalizing back to what? Back to what's called 00:02:37.569 --> 00:02:40.169 the historical monetary equilibrium, which is 00:02:40.169 --> 00:02:42.889 15 to 1. Wait, hold on. 50 to 1 down to 15 to 00:02:42.889 --> 00:02:45.870 1, that's a monumental shift. Why is 15 the magic 00:02:45.870 --> 00:02:48.430 number? Well, that 15 to 1 ratio, it dates back 00:02:48.430 --> 00:02:52.050 to pre -1900s by metallic standards, where silver 00:02:52.050 --> 00:02:54.229 was often pegged against gold at that value. 00:02:54.490 --> 00:02:57.000 OK, so it's a historical precedent. It's seen 00:02:57.000 --> 00:02:59.719 as a kind of historical natural equilibrium. 00:02:59.900 --> 00:03:02.180 And the argument is that whenever there's monetary 00:03:02.180 --> 00:03:04.159 stress or debasement. When people lose faith 00:03:04.159 --> 00:03:06.639 in paper currency. Exactly. The metals return 00:03:06.639 --> 00:03:09.139 to that more traditional compressed relationship. 00:03:09.419 --> 00:03:12.819 So if we accept that theory for a moment. How 00:03:12.819 --> 00:03:15.620 does the math actually get us to $300? It's actually 00:03:15.620 --> 00:03:18.219 a pretty simple calculation. It's based on a 00:03:18.219 --> 00:03:21.439 future gold price. OK. The models assume that 00:03:21.439 --> 00:03:24.080 gold, which has also been surging, continues 00:03:24.080 --> 00:03:27.580 to climb and hits, say, $4 ,600 an ounce. $4 00:03:27.580 --> 00:03:31.560 ,600. Got it. So if gold hits $4 ,600 and the 00:03:31.560 --> 00:03:34.699 ratio returns to 15 to 1, then you just divide 00:03:34.699 --> 00:03:37.560 $4 ,600 by 15. And that gets you to $300. That 00:03:37.560 --> 00:03:40.599 is the core equation driving these massive headlines. 00:03:40.860 --> 00:03:43.819 I see the math. but I'm still skeptical. Has 00:03:43.819 --> 00:03:46.379 the market ever actually supported a ratio that 00:03:46.379 --> 00:03:50.120 tight in, in our modern era? It has. History 00:03:50.120 --> 00:03:52.300 shows this isn't unprecedented during periods 00:03:52.300 --> 00:03:55.060 of market stress. Like when? Think back to the 00:03:55.060 --> 00:03:58.159 famous Hunt Brothers squeeze in 1980. The ratio 00:03:58.159 --> 00:04:01.159 plunged below 20 to one. Right. And that pushed 00:04:01.159 --> 00:04:04.840 silver above $50. If you adjust that $50 price 00:04:04.840 --> 00:04:08.240 for inflation to today, you're already looking 00:04:08.240 --> 00:04:10.960 at a price north of $170. That's a great point. 00:04:11.129 --> 00:04:14.270 And even more recently, during the 2011 rally, 00:04:14.750 --> 00:04:17.589 the ratio tightened significantly. It hit 30 00:04:17.589 --> 00:04:20.889 to 1 at the peak. So the precedents for this 00:04:20.889 --> 00:04:23.430 kind of compression, they exist. OK, that covers 00:04:23.430 --> 00:04:25.930 the market precedent. But there's a fundamental 00:04:25.930 --> 00:04:27.910 disconnect we need to talk about, and this is 00:04:27.910 --> 00:04:29.930 where it gets really interesting for me. Let's 00:04:29.930 --> 00:04:32.810 look at the actual production ratio. What are 00:04:32.810 --> 00:04:35.329 miners digging out of the ground? This is probably 00:04:35.329 --> 00:04:37.730 the most fascinating structural flaw in the whole 00:04:37.730 --> 00:04:40.439 market. Right. While the market ratio is 50 to 00:04:40.439 --> 00:04:43.939 1, global mining yields roughly 8 to 10 ounces 00:04:43.939 --> 00:04:46.500 of silver for every single ounce of gold. So 00:04:46.500 --> 00:04:49.500 a ratio of like 9 to 1. Exactly. The real world 00:04:49.500 --> 00:04:52.639 production ratio is an extremely tight 1 to 8 00:04:52.639 --> 00:04:55.759 or 1 to 10. So nature's producing them at a 9 00:04:55.759 --> 00:04:58.259 to 1 ratio, but the paper market values them 00:04:58.259 --> 00:05:00.879 at 50 to 1. Yeah. That is a massive persistent 00:05:00.879 --> 00:05:03.759 gap. Why does that exist? Well, the gap signals 00:05:03.759 --> 00:05:06.100 a really profound imbalance between the paper 00:05:06.100 --> 00:05:08.800 trading market, where silver is often just a 00:05:08.800 --> 00:05:12.339 leveraged speculative tool, and the actual physical 00:05:12.339 --> 00:05:14.879 availability of the metal. The argument is that 00:05:15.290 --> 00:05:17.970 This imbalance has to eventually collapse back 00:05:17.970 --> 00:05:20.709 toward that production reality. Especially as 00:05:20.709 --> 00:05:23.449 above ground stocks, the physical inventory keeps 00:05:23.449 --> 00:05:26.170 dwindling. And that leads us perfectly into the 00:05:26.170 --> 00:05:28.430 fundamentals. Yeah. Because the math only matters 00:05:28.430 --> 00:05:31.290 if the physical reality backs it up. Right. Is 00:05:31.290 --> 00:05:33.250 the market actually feeling a squeeze right now? 00:05:33.629 --> 00:05:35.750 Absolutely. The market isn't just unbalanced, 00:05:35.990 --> 00:05:38.180 it's chronically deficient. How deficient. The 00:05:38.180 --> 00:05:40.699 Silver Institute is reporting annual deficits 00:05:40.699 --> 00:05:44.079 that have surpassed 200 million ounces every 00:05:44.079 --> 00:05:47.620 single year since 2021. Wow, 200 million ounces. 00:05:47.759 --> 00:05:50.100 This isn't a small fluctuation. It's a systemic 00:05:50.100 --> 00:05:52.779 failure of supply to meet demand. And a deficit 00:05:52.779 --> 00:05:56.670 that big. for that many years can only mean one 00:05:56.670 --> 00:05:58.850 thing for physical stocks. It means the above 00:05:58.850 --> 00:06:01.250 -ground inventories, you know, the metal sitting 00:06:01.250 --> 00:06:04.649 in vaults ready for use, are just dwindling rapidly. 00:06:05.310 --> 00:06:07.610 You simply can't run a deficit that large year 00:06:07.610 --> 00:06:09.670 after year without running down what's in storage. 00:06:10.069 --> 00:06:12.069 That's what translates to the tightened physical 00:06:12.069 --> 00:06:14.430 availability we're hearing about. Okay, so let's 00:06:14.430 --> 00:06:16.430 talk about the demand side, because this is where 00:06:16.430 --> 00:06:18.930 the story has really shifted, right? Silver isn't 00:06:18.930 --> 00:06:22.240 just money anymore. Not at all. It's an indispensable 00:06:22.240 --> 00:06:25.000 industrial commodity. What percentage of demand 00:06:25.000 --> 00:06:27.699 is industrial now? It's over 50 % now. Over half 00:06:27.699 --> 00:06:30.600 of all silver demand is purely industrial. Meaning 00:06:30.600 --> 00:06:33.439 it gets used up, it's consumed. Consumed and 00:06:33.439 --> 00:06:36.379 destroyed, unlike a bar or a coin. And the number 00:06:36.379 --> 00:06:39.899 one driver, hands down, is the green energy transition. 00:06:40.439 --> 00:06:43.220 Specifically, solar panels. Photovoltaic use. 00:06:43.319 --> 00:06:45.970 How big is that? It's forecasted to essentially 00:06:45.970 --> 00:06:49.269 double by 2030. Double. Yeah. So when governments 00:06:49.269 --> 00:06:52.230 commit to these huge green energy projects, they 00:06:52.230 --> 00:06:54.850 are by default committing to consuming massive 00:06:54.850 --> 00:06:57.410 amounts of silver. This demand is structural. 00:06:57.410 --> 00:06:59.449 It's long term. And what about the other tech 00:06:59.449 --> 00:07:01.910 sectors? Electronics and, of course, electric 00:07:01.910 --> 00:07:04.410 vehicles, EVs, they're both major consumers. 00:07:04.930 --> 00:07:07.750 Those sectors absorbed record volumes in 2025. 00:07:08.170 --> 00:07:11.230 And this industrial base is now outpacing traditional 00:07:11.230 --> 00:07:14.399 demand from jewelry and even investment. The 00:07:14.399 --> 00:07:16.180 industries are setting the floor for demand. 00:07:16.680 --> 00:07:19.300 So demand is just soaring, driven by this global 00:07:19.300 --> 00:07:22.779 shift. Yeah. But why can't the miners just ramp 00:07:22.779 --> 00:07:25.800 up production? I mean, at $90 an ounce, why isn't 00:07:25.800 --> 00:07:28.839 supply flooding the market? The supply side has 00:07:28.839 --> 00:07:31.860 major entrenched issues. Supply growth is extremely 00:07:31.860 --> 00:07:34.439 limited, often under 1 % a year, even at these 00:07:34.439 --> 00:07:37.399 prices. Why so low? There are three key breaks 00:07:37.399 --> 00:07:40.399 on growth. First, new projects face serious delays. 00:07:40.999 --> 00:07:43.300 permitting environmental regulations. Second, 00:07:43.459 --> 00:07:46.579 we're seeing declining ore grades globally. Miners 00:07:46.579 --> 00:07:49.019 have to process way more rock to get the same 00:07:49.019 --> 00:07:51.240 amount of metal. And then there's that tricky 00:07:51.240 --> 00:07:53.519 factor you mentioned, the byproduct dependency. 00:07:53.879 --> 00:07:55.620 This is where it's so different from gold. It 00:07:55.620 --> 00:07:58.519 is the single biggest structural bottleneck. 00:07:58.699 --> 00:08:01.500 Silver is heavily, heavily dependent on being 00:08:01.500 --> 00:08:04.139 a byproduct of base metal mining. We're talking 00:08:04.139 --> 00:08:06.879 copper, lead, zinc. Exactly. Most of the world's 00:08:06.879 --> 00:08:09.060 silver doesn't come from a silver mine. It comes 00:08:09.060 --> 00:08:11.699 out of a copper mine alongside the copper. So 00:08:11.699 --> 00:08:13.860 if the price of copper doesn't justify opening 00:08:13.860 --> 00:08:17.360 a mine, the silver that's in there just in, it 00:08:17.360 --> 00:08:19.600 stays in the ground. It stays in the ground. 00:08:19.819 --> 00:08:21.899 It never comes to market, regardless of how high 00:08:21.899 --> 00:08:24.019 the price of silver itself goes. You can't just 00:08:24.019 --> 00:08:27.379 drill for the silver. This dependency just fundamentally 00:08:27.379 --> 00:08:30.120 caps the industry's ability to respond. It really 00:08:30.120 --> 00:08:33.059 is a perfect storm. You have this exponential 00:08:33.059 --> 00:08:37.179 industrial demand hitting a structurally capped 00:08:37.179 --> 00:08:40.879 supply. all layered on top of a massive mathematical 00:08:40.879 --> 00:08:43.360 ratio imbalance. So let's turn to the analysts. 00:08:43.980 --> 00:08:46.860 Who are the most outspoken proponents of these 00:08:46.860 --> 00:08:49.039 triple -digit targets? Well, we've heard some 00:08:49.039 --> 00:08:52.080 specific high -profile bullish views. Take Mike 00:08:52.080 --> 00:08:55.019 Maloney from goldsilver .com. He argues that 00:08:55.019 --> 00:08:57.519 $300 silver is still feasible. And what's his 00:08:57.519 --> 00:08:59.919 reasoning? He cites that extreme ratio disconnect 00:08:59.919 --> 00:09:02.019 we talked about, and he draws direct parallels 00:09:02.019 --> 00:09:04.600 to the massive monetary debasement we saw back 00:09:04.600 --> 00:09:06.899 in 1980. What does he mean by that? the debasement 00:09:06.899 --> 00:09:10.100 in the 1980s. Well, back then, you had huge inflation, 00:09:10.379 --> 00:09:12.580 a widespread loss of purchasing power for the 00:09:12.580 --> 00:09:14.720 U .S. dollar. Right. Which drove people to hard 00:09:14.720 --> 00:09:17.320 assets. Yeah, exactly. And Maloney and others 00:09:17.320 --> 00:09:20.320 argue that silver's role is to amplify gold's 00:09:20.320 --> 00:09:23.600 moves during these crisis periods. So if we are 00:09:23.600 --> 00:09:26.399 entering a phase of high inflation combined with 00:09:26.399 --> 00:09:28.500 these physical shortages, then silver has a lot 00:09:28.500 --> 00:09:31.059 of catching up to do an explosive amount of catching 00:09:31.059 --> 00:09:33.659 up, just like it did in the late 70s. And are 00:09:33.659 --> 00:09:35.840 any mainstream institutions talking about triple 00:09:35.840 --> 00:09:38.580 -digit silver? We have seen some large institutions 00:09:38.580 --> 00:09:40.799 align with the triple -digit potential. Like 00:09:40.799 --> 00:09:43.759 who? UBS analysts, for instance. They've projected 00:09:43.759 --> 00:09:46.720 triple -digit silver maybe $100 or more, specifically 00:09:46.720 --> 00:09:49.000 because of green energy and the deficits. OK. 00:09:49.220 --> 00:09:51.899 And Sprott, a major player in physical metals, 00:09:52.320 --> 00:09:54.799 also anticipates silver continuing to outperform 00:09:54.799 --> 00:09:58.399 well into 2026. So we have outliers suggesting 00:09:58.399 --> 00:10:03.399 200, even $300. And sources do say that 300 requires 00:10:03.399 --> 00:10:06.379 mania -like conditions. They do. But what's the 00:10:06.379 --> 00:10:10.320 more, let's say, sober consensus for 2026? The 00:10:10.320 --> 00:10:12.399 short -term consensus targets generally start 00:10:12.399 --> 00:10:15.960 at $100. The mainstream forecasts, though, the 00:10:15.960 --> 00:10:18.379 ones that prioritize risk management, they tend 00:10:18.379 --> 00:10:22.539 to cap 2026 somewhere in the $100 to $150 range. 00:10:22.659 --> 00:10:25.240 Right. So this raises the important question. 00:10:25.580 --> 00:10:27.879 The math might point one way. The fundamentals 00:10:27.879 --> 00:10:30.759 look tight. But markets rarely follow a perfect 00:10:30.759 --> 00:10:33.779 script. Never. What could derail this whole bullish 00:10:33.779 --> 00:10:35.840 forecast? That is the essential question. And 00:10:35.840 --> 00:10:38.440 the number one risk factor is volatility itself. 00:10:38.639 --> 00:10:40.740 Just how volatile is silver? It's notoriously 00:10:40.740 --> 00:10:43.320 volatile. It has a beta of over two times that 00:10:43.320 --> 00:10:45.820 of gold. OK. Can you break down what beta means 00:10:45.820 --> 00:10:48.019 for someone who isn't tracking financial metrics? 00:10:48.259 --> 00:10:51.620 Sure. It just means silver amplifies Market moves 00:10:51.620 --> 00:10:54.580 in both directions. So gold pulls back 10 percent. 00:10:54.779 --> 00:10:56.840 Silver could easily drop 20 percent or more. 00:10:56.940 --> 00:10:59.440 Exactly. That high leverage is why its price 00:10:59.440 --> 00:11:02.440 action feels so extreme. We even saw in 2025 00:11:02.440 --> 00:11:06.259 during a year gained 148 percent. It still had 00:11:06.259 --> 00:11:09.620 pullbacks of over 20 percent. Wow. So when speculative 00:11:09.620 --> 00:11:12.120 positioning gets too crowded, you risk these 00:11:12.120 --> 00:11:14.559 sharp sudden reversals that can wipe out months 00:11:14.559 --> 00:11:17.139 of gains. So that's one risk. What about the 00:11:17.139 --> 00:11:19.559 broader economy? What happens if things slow 00:11:19.559 --> 00:11:22.419 down? Economic influences are a major counter 00:11:22.419 --> 00:11:25.860 argument. Remember, over 50 % of demand is industrial. 00:11:25.980 --> 00:11:29.139 Right. So if we see rising interest rates or 00:11:29.139 --> 00:11:31.860 a major industrial slowdown, a serious recession, 00:11:32.659 --> 00:11:34.980 that would suppress that critical demand from 00:11:34.980 --> 00:11:37.659 solar and EVs. And that would hurt both demand 00:11:37.659 --> 00:11:40.960 and supply. Exactly. A drop in copper usage means 00:11:40.960 --> 00:11:43.600 less base metal mining. It's a double whammy. 00:11:43.700 --> 00:11:45.750 And we can't forget the U .S. dollar. Absolutely 00:11:45.750 --> 00:11:48.870 not. Historically, a strong US dollar puts consistent 00:11:48.870 --> 00:11:51.990 downward pressure on commodities. If global monetary 00:11:51.990 --> 00:11:54.789 policy tightens, the dollar could stay stubbornly 00:11:54.789 --> 00:11:56.250 strong and that would make it very difficult 00:11:56.250 --> 00:11:58.470 for silver to break out. And finally, what if 00:11:58.470 --> 00:12:01.289 the ratio just stays where it is. What if the 00:12:01.289 --> 00:12:04.250 50 to 1 ratio just persists? It could. A lot 00:12:04.250 --> 00:12:06.909 of the mainstream caution centers on that possibility. 00:12:07.509 --> 00:12:10.190 The inertia of the paper trading markets is immense, 00:12:10.470 --> 00:12:12.409 and they could keep challenging the fundamental 00:12:12.409 --> 00:12:15.269 rebalancing thesis, even with emptying vaults. 00:12:15.529 --> 00:12:17.350 Before we wrap up, let's just ground this in 00:12:17.350 --> 00:12:20.929 a bit of history. Why does silver tend to set 00:12:20.929 --> 00:12:23.289 up for these dramatic catch -up phases. It's 00:12:23.289 --> 00:12:25.389 because of the leverage it provides during inflationary 00:12:25.389 --> 00:12:27.789 periods. It just moves so dramatically. I mean, 00:12:27.850 --> 00:12:30.590 look at the 1970s and 80s rally. Silver went 00:12:30.590 --> 00:12:35.580 up 30 times, from $1 .50 to $50. Post 2008, it 00:12:35.580 --> 00:12:38.159 tripled to $50 again. It has this long history 00:12:38.159 --> 00:12:41.019 of lagging gold and then setting up for these 00:12:41.019 --> 00:12:44.259 huge volatile catch -up phases. So what does 00:12:44.259 --> 00:12:46.600 all of this mean for you, the listener? We've 00:12:46.600 --> 00:12:48.480 gone through the sources, and the key takeaways 00:12:48.480 --> 00:12:50.919 are pretty clear. The forecasts are based on 00:12:50.919 --> 00:12:52.720 three key pillars coming together right now. 00:12:52.799 --> 00:12:55.899 Precisely. Those pillars are, one, that extreme 00:12:55.899 --> 00:12:58.500 mathematical divergence between the 50 to 1 market 00:12:58.500 --> 00:13:02.100 ratio and the 8 to 1 production ratio. Two, that 00:13:02.100 --> 00:13:04.179 mathematical potential is being backed by chronic 00:13:04.179 --> 00:13:07.899 physical supply deficits, over 200 million ounces 00:13:07.899 --> 00:13:11.639 a year. And three, skyrocketing industrial demand 00:13:11.639 --> 00:13:14.039 that is locked into the green energy transition. 00:13:14.379 --> 00:13:17.779 And. As an educational takeaway for you, understanding 00:13:17.779 --> 00:13:20.039 the difference between that market ratio and 00:13:20.039 --> 00:13:22.039 the production ratio is absolutely critical. 00:13:22.480 --> 00:13:25.340 That eight to one physical scarcity is what gives 00:13:25.340 --> 00:13:29.200 the $300 math its potential power. Exactly. But 00:13:29.200 --> 00:13:32.259 the models just highlight potentials. The actual 00:13:32.259 --> 00:13:35.340 outcome is going to hinge entirely on unpredictable 00:13:35.340 --> 00:13:38.460 macro variables like interest rates and the dollar. 00:13:38.759 --> 00:13:41.919 And we have to reiterate, prices are highly volatile. 00:13:42.320 --> 00:13:44.519 The high beta means sharp turns up and down are 00:13:44.519 --> 00:13:47.419 inevitable. Absolutely. Agreed. So let's end 00:13:47.419 --> 00:13:49.000 with the provocative final thought, something 00:13:49.000 --> 00:13:51.460 for you to mull over based on the structural 00:13:51.460 --> 00:13:54.379 dependency we uncovered. We mentioned that silver 00:13:54.379 --> 00:13:56.559 supply is tied closely to base metal mining. 00:13:56.879 --> 00:13:59.080 It's a byproduct. That dependency is the core 00:13:59.080 --> 00:14:02.379 tension. So think about this. If global recession 00:14:02.379 --> 00:14:05.259 fears intensify, and that suppresses the mining 00:14:05.259 --> 00:14:08.289 of base metals like copper and zinc, What happens 00:14:08.289 --> 00:14:10.570 to the silver deficit? It's a fascinating question. 00:14:10.669 --> 00:14:13.029 Would the supply shortage get even worse, creating 00:14:13.029 --> 00:14:15.710 an unprecedented squeeze? Or would the drop -off 00:14:15.710 --> 00:14:18.389 in industrial demand overwhelm that supply shortage 00:14:18.389 --> 00:14:21.450 first? That supply versus demand tension right 00:14:21.450 --> 00:14:23.830 at the industrial heart of the market is the 00:14:23.830 --> 00:14:26.559 core unknown. And it's a key question that will 00:14:26.559 --> 00:14:29.960 determine whether silver hits $150 or goes all 00:14:29.960 --> 00:14:32.419 the way to $300. For listeners who want to dive 00:14:32.419 --> 00:14:34.860 deeper into the verifiable source data, we'd 00:14:34.860 --> 00:14:36.580 recommend looking up the annual reports from 00:14:36.580 --> 00:14:39.220 the Silver Institute, insights from major players 00:14:39.220 --> 00:14:42.379 like Sprott, or the official USGS mineral data 00:14:42.379 --> 00:14:44.820 for production figures. Keep learning and keep 00:14:44.820 --> 00:14:47.000 questioning those extreme numbers. Thank you 00:14:47.000 --> 00:14:49.120 for joining us on this deep dive into the $300 00:14:49.120 --> 00:14:51.379 silver forecast. We'll catch you next time.